29 Jun AppZone to Boost Sterling Bank’s customer base with CreditClub
After sealing a deal with Sterling Bank to use its financial technology solutionÂ CreditClub; AppZone, Africaâ€™s leading provider of home-grown banking and financialÂ technology solutions has set a six month target to open over 70, 000 new accounts forÂ Sterling Bank to service customers outside the traditional branches. The target is toÂ reach total deposit of N1billion within a limited pilot phase.
The CreditClub technology addresses branchless banking challenges by providing aÂ robust software core and embedded core banking application that seamlessly integrate with portable mobile phones and POS devices as well as third party core banking applications.
CreditClub also offers mobile banking self-service applications and functionality for issuing and managing debit cards. This banking solution is expected to create inclusion by extending the bankâ€™s services, leveraging AppZoneâ€™s shared core banking and agent network to exploit the opportunity for customer acquisition and liquidity growth as well as to significantly increase operating margins through low cost and relatively stable savings funds.
The product roll-out and market activation have commenced since February 1, 2016. The pilot phase of the agreement is in 10 market locations cutting across five states including Lagos, Oyo, Imo, Abia, Kwara and Anambra.
The CreditClub technology is currently being used by other banks, including Diamond bank for its diamond Beta savings product. The banking technology solution is a flagship product of AppZone limited; a Nigerian software company that was established in 2008 and has grown to become Africaâ€™s No. 1 provider of home-grown software solutions for the financial services industry.
AppZone creates disruptive solutions that expand the scope and competitiveness ofÂ institutions in the financial services industry and then delivers these solutions using agile technology and global best practices. AppZone is an Affiliate of South Africaâ€™s foremost IT services group; Telkom, with Telkom holding a minority equity stake in AppZone which was acquired through its wholly owned subsidiary; Business Connexion in June 2014.